IMF Approves New Mechanism for Short-Term Assistance to Countries
The International Monetary Fund has approved the creation of a short-term liquidity facility to assist countries in combating the economic impact of the coronavirus pandemic, said IMF Managing Director Kristalina Georgieva.
"Today, our Executive Board approved the establishment of the Short-term Liquidity Line (SLL) to further strengthen the global financial safety net as part of the Fund’s COVID-19 response. The facility is a revolving and renewable backstop for member countries with very strong policies and fundamentals in need of short-term moderate balance of payments support. In these cases, the Short-term Liquidity Line will provide revolving access of up to 145 percent of quota.
“The Short-term Liquidity Line will strengthen further a country’s liquidity buffers and thus help in managing liquidity pressures. Complementing other instruments during the current crisis, the facility will fill a critical gap in the Fund’s toolkit and help to facilitate a more efficient allocation of resources.”, "said Georgieva, quoted by the fund's press service.
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